The Globe and Mail reports in its Wednesday, Dec. 11, edition that National Bank Financial analysts Shane Nagle and Rabi Nizami have a cautious outlook for copper as we enter 2025, citing demand uncertainty and near-term supply growth while maintaining a favourable view on long-term fundamentals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Nagle and Mr. Nizami are forecasting a surplus in copper markets in 2025. Mr. Nagle continues to rate Teck Resources "sector perform." Mr. Nagle's share target for Teck slid to $77.50 from $85. Analysts on average target the shares at $73.71. Mr. Nagle says in a note: "Teck completed sale of its coal business in 2024, and has completed $882-million of its planned $3.5-billion share buyback to date. While continued buybacks are expected to remain supportive of the share price, our focus is on Teck's capital allocation shift to development projects throughout 2025. Teck has guided to $3.3-billion (U.S.) to $3.6-billion (U.S.) to fund the next leg of copper growth at Highland Valley, Zafranal, San Nicolas and QB Debottlenecking with further details and sanctioning to come in H2/25. ... We don't see any FCF available to fund share buybacks through 2025/2026."